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Magellan Financial Group has announced its chief executive will step down and become its chairman.

Thursday, October 4th 2018, 2:45PM

Hamish Douglass

Brett Cairns will take over from Hamish Douglass as chief executive, as of tomorrow.

Magellan said the changes reflected the considered evolution of the business, with day-to-day operating management being overseen by Cairns.

Douglass was increasingly focused on his role as chief investment officer and lead portfolio manager of Magellan's global equities strategies.

Douglass and Cairns will continue to work jointly on the ongoing strategic development of the company, Magellan said.

Cairns has been with Magellan since January 2007 when he was appointed as a non-executive director and then chairman of the board in September 2013. His role expanded to executive chairman in January 2015.

Under his appointment, all non-investment team related functions will report to Cairns.

Douglass said the change reflected a progression of the roles both he and Cairns had been undertaking over the past few years.

“I have full confidence in Brett’s ability to lead the day-to-day operations of Magellan as chief executive officer and I am excited to be able to concentrate on our clients’ investments and the ongoing strategic development of Magellan,” he said.

“The investment processes, our outstanding investment team and outcomes for our clients are at the core of what we do and this change will allow me to increase my focus on my role as the chief investment officer and lead portfolio manager of our global equities strategies.”

Cairns said he viewed his appointment as a natural extension of the role he had been playing at the firm.

“Our clients have always been at the centre of our approach and Hamish, the board and I believe these appointments will ensure this remains the case as our business continues to grow,” he said.